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BP Marsh & Partners PLC - London-based venture capital investor, which backs financial services businesses - Sells its entire 43.8% shareholding in Paladin Holdings Ltd, the holding company of CBC UK Ltd for an initial cash consideration of GBP41.8 million. This results in an internal rate of return of 45%. Also expects to receive repayment in full of its GBP5.9 million loans to Paladin.
Further, BP Marsh will be entitled to receive its proportion of any net working capital adjustment. It will then be entitled to receive deferred consideration of up to GBP17.8 million in cash, based upon 20% earnings before interest, tax, depreciation and amortisation growth targets above Paladin's current expectations in financial 2024 and 2025, payable in 2025 and 2026. Further consideration could be up for grabs in financial 2025 "should Paladin outperform these growth targets".
Accordingly, Finance Director Jon Newman, who is nominee director on the boards of Paladin and CBC, will resign from his roles at the latter two firms on completion of the sale.
Current stock price: 430.00 pence, up 4.1% in London on Thursday
12-month change: up 45%
By Holly Beveridge, Alliance News reporter
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